Access control market: growth opportunities

Access control market: growth opportunities

Source: Markets and Markets Research

“The overall access control market is expected to grow from USD 7.5 billion in 2018 to USD 12.1 billion by 2024, at a CAGR of 8.24% from 2018 to 2024. The growth of the access control market is driven by high adoption of access control solutions owing to increasing crime rates globally; technological advancements and deployment of wireless technology in security systems; and adoption of IoT-based security systems with cloud computing platforms. The adoption of access control as a service (ACaaS); implementation of mobile-based access control; and increasing urbanization in emerging countries are expected to provide huge growth opportunities to market players.”

RFID Smart Card
RFID Smart Card

An interesting quote from the research reveals the continuing popularity of smart card readers:

“Card-based readers to hold the largest share of the access control market during the forecast period.Cards are used as credentials to authenticate user identity and determine access grant/denial (also the appropriate level of access). Access control readers can be magnetic stripe, proximity, or smart card readers. Card-based readers are proven to be more reliable than biometric readers and electronic locks. The increasing demand for smart and proximity cards to monitor and record employee activities is one of the drivers for the growth of card-based readers. Smartcards are proven to be more reliable than magnetic stripes and proximity cards. The increasing demand for smart and proximity cards to monitor and record employee activities is one of the drivers for the growth of smart card readers.”

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